American Express Business Checking Overview

Founded in 1850, American Express is a U.S. financial services powerhouse whose products include bank accounts, credit cards, and loans. Its business checking account primarily targets small businesses and stands out for its zero monthly maintenance fee and a 1.30% annual percentage yield (APY)† on the first $500,000 of your account balance. Members also enjoy the convenience of 24/7 live support and access to a large network of fee-free ATMs.

Pros and Cons

The advantages of American Express Business Checking are centered around simplicity, rewards, and digital accessibility. Businesses that maintain larger balances may appreciate the opportunity to earn interest while keeping funds readily available for operating expenses. The account also stands out by rewarding eligible debit card purchases with Membership Rewards® points, a feature not commonly found in business checking accounts.

Businesses that frequently handle physical cash may find limitations due to the lack of cash deposit capabilities. Additionally, companies that prefer face-to-face banking services may miss the presence of branch locations. However, for digitally focused businesses, these limitations may have minimal impact.

American Express Business Checking at a Glance

Suitable For?

American Express Business Checking is particularly suitable for:

Small Businesses

Businesses looking for a straightforward checking account without monthly fees may find the account attractive. The absence of minimum balance requirements can provide flexibility during periods of fluctuating cash flow.

Freelancers and Independent Professionals

Consultants, freelancers, and self-employed professionals who primarily receive electronic payments may benefit from the account’s online-first structure, mobile banking tools, and ability to earn interest on operating funds.

Existing American Express Customers

Business owners already using American Express business credit cards may appreciate the integration between their banking and card accounts. Membership Rewards® points earned through debit card activity can complement existing rewards strategies.

Digital-First Businesses

E-commerce businesses, remote companies, and technology-focused organizations that rarely handle cash may find the account aligns well with their operational needs.

Features & Highlights

Advantages Over Traditional Banks

By operating without physical branches, American Express saves on overheads, passing these savings on to its customers through lower fees and other financial benefits. For example, the American Express® Business Checking account has no monthly service charges or minimum balance requirements.

Moreover, the account allows you to earn interest on your balance, a feature not commonly found in standard business checking accounts. This offer adds an extra layer of value—instead of your funds sitting idly in your account, they’ll be actively earning interest and contributing to your business's financial growth.

Cutting-Edge Banking Services

American Express is an online-only bank, allowing access to your account and all the features and services that come with it at any time, anywhere.

You can use the American Express app to view and help manage your Business Checking account. Easily switch between your card and banking accounts to manage your expenses and payments all in one place.

• Available on iOS and Google Play.
• Mobile Deposits: Use the app and snap a pic with your device.
• Pay Bills with ease: Pay vendors, bills, and more with one click; online or through the app.

• Send or receive payments with no fee with Zelle® through the Amex® App

Members can also earn 30,000 Membership Rewards® points after completing qualifying activities.¹ They can then convert Membership Rewards® points into deposits directly into their American Express® Business Checking account.³ Other redemption options available. Terms apply.

Traditional Banking Services

Besides checking accounts, American Express offers several other business banking products, including lines of credit and credit cards.

Each business checking account comes with an American Express® Business Debit Card for online and in-person purchases. You can also add the card to your digital wallet to pay with your device at participating retailers.

The Membership Rewards® program allows you to earn and redeem Membership Rewards points. Every $2 spent on eligible purchases with the card earns you one Membership Rewards® point, which you can redeem for perks like travel, deposits, and gift cards.

You can use your card to make fee-free withdrawals from any of the 70,000 Allpoint® and MoneyPass® ATM locations nationwide². Withdrawals outside the MoneyPass network may be subject to charges by the ATM owner or operator.

As with traditional banks, fund availability varies depending on the method of deposit. Money from the following deposits is available for withdrawal on the same day:

• Electronic direct deposits initiated by third parties (i.e., not by or through American Express)
• Incoming wire transfers received by 6pm ET on a business day
• Electronic funds transfers (EFTs) from another of your accounts at American Express National Bank

Most other deposits are available for withdrawal no later than the fifth business day. In some cases, the bank may delay your ability to withdraw funds for longer. But it will notify you and provide an explanation as well as advice on how to expedite access.

Unlike traditional banks, however, the American Express® Business Checking account doesn't allow physical cash deposits. As a result, it might not be suitable for certain types of businesses, such as those that primarily receive cash payments. It also might not be the best option if you prefer banking in person.

Interest Rates and Fees

American Express doesn’t have any monthly maintenance fees and is also light on other common fees. There are no charges for domestic incoming Automated Clearing House (ACH) and incoming wire transfers, processing services (such as account opening, stop payment requests, and billing inquiries), eChecks, and ATM withdrawals within the Allpoint and MoneyPass networks².

There is a foreign fee of of 2.7% of the amount of each transaction after conversion to US Dollars, however.

At the time of writing, the American Express® Business Checking account offers 1.30% Annual Percentage Yield† on balances of up to $500,000. To put this into perspective, maintaining an average balance of $300,000 in your account could yield a potential annual return of $3,923. Similarly, a balance of $500,000 could generate around $6,539 in interest per year.

While you can get a higher Annual Percentage Yield elsewhere for this type of account, the maximum amount for which you can earn interest is likely to be lower than American Express’ limit of $500,000.

Customer Service and Online Experience

American Express provides 24/7 customer support on the phone at 855-497-1040 and through online chat. Additionally, you can contact the company by mail using the following postal address:

American Express National Bank

P.O. Box 30384

Salt Lake City, Utah 84130

The American Express website also offers many useful resources—including FAQs, guides, and blog articles—designed to help you navigate the bank's services and manage your finances more effectively.

The design of its online platform makes it easy to use, with a clear layout and intuitive navigation. You can apply in as little as 10 minutes. The bank requires you to provide the following information when applying, so make sure to have it on hand for a faster process.

• Employee identification number (EIN) or taxpayer identification number (TIN)
• Business address
• Business size, industry, and purpose of account
• Social Security number (SSN) and ID verification for all beneficial owners with ownership of 25% and above
• Article of organization or certificate of formation
• Driver’s license, passport, or state ID for each owner
• A 'Doing Business As' (DBA) certificate if your business operates under more than one name

Online customer reviews paint a mixed picture of the overall quality of the bank’s customer service. While some users report having a great all-around experience, there’s a notable number of incidents where customers either had a long wait on the phone or their queries or concerns were not addressed.

Additionally, there are reports of language barriers and miscommunication issues.

Mobile App

American Express offers a mobile app called the Amex® App. The app lets you view and manage all your American Express business products—including checking accounts, credit cards, and lines of credit—from one place.

The app, which is available for iOS and Android devices, offers a variety of features, including creating and scheduling payments, depositing mobile checks, and transferring funds into and out of your account.

The iOS version enjoys a high rating of 4.9 out of five stars in the App Store, with multiple users praising its overall functionality and ease of use.

In contrast, the Android version has a rating of only 3.6 stars out of five on Google Play. Users complain of multiple issues with the app, including problems like app freezes, crashes, and login failures.

Security

American Express offers its business checking account through the American Express National Bank, which is insured by the Federal Deposit Insurance Corp. (FDIC**). Any funds you deposit with the bank are therefore protected up to at least $250,000.

In addition, the online platform and mobile app offer two-factor authentication. There are further biometric authentication options available on the app, including facial recognition and fingerprint scanning.

American Express monitors your account for suspicious activity and will alert you via text or email if it sees anything unusual. For added safety, the bank also automatically logs you off your online account after 10 minutes of inactivity.

In case of fraud concerns, you can contact its dedicated fraud team 24/7 at 800-528-4800 (toll-free) or via live chat inside your account.

American Express also has a Fraud Protection Guarantee. Under this policy, you won't be liable for any unauthorized charges if you've taken reasonable care to keep your account safe.

Application Process

Opening an American Express Business Checking account can generally be completed online.

Application Steps

• Visit the Business Checking application page
• Provide business information and ownership details
• Submit tax identification information
• Verify identity requirements
• Review account disclosures
• Fund the account if desired
• Begin using digital banking services once approved

Businesses may need documentation such as an Employer Identification Number (EIN), business formation documents, ownership information, and government-issued identification.

American Express Business Checking Summary

The American Express® Business Checking account presents a versatile banking option for modern small businesses. The account has no monthly maintenance fees or minimum balance requirements. Additionally, it provides an opportunity to earn a competitive Annual Percentage Yield rate of 1.30% on balances up to $500,000.

Your deposits with American Express are protected up to at least $250,000, thanks to FDIC insurance. The bank also grants access to a broad network of over 70,000+ Allpoint® and MoneyPass® ATM locations nationwide.² You can also use your American Express Business Checking Debit Card at any ATMs where American Express is accepted, fees may apply.**

Customer support is available 24/7 on the phone and through live chat for any inquiries or assistance.

Physical Address

American Express National Bank

P.O. Box 30384

Salt Lake City, UT 84130

Disclaimer

† APY effective October 12th, 2022

* Qualifying activities include:

- Deposit a total of $5,000 or more in eligible deposits within 30 days of opening your first account, AND Eligible deposits are any deposits except deposits using our Redeem for Deposits feature, deposits from interest payments, and deposits from any other American Express Business Checking accounts.

- Maintain an average account balance of $5,000 for the next 60 days,

AND

- Make 5 or more qualifying transactions within 60 days of opening your account

Qualifying transactions are mobile deposits, check deposits by mail, and electronic/online transactions including ACH, Wire, and Bill Payments. Business Debit Card transactions and deposits using our Redeem for Deposits feature are not qualifying transactions.

Membership Rewards® Program - Redeem for Deposits Terms:

You may redeem Membership Rewards® points for deposits into your American Express® Business Checking Account at the standard rate of 1000 points for an $8 deposit. If you have a Business Platinum Card® and an American Express Business Checking Account linked to the same Membership Rewards Account, you can redeem points for a deposit at a rate of 1000 points for $10 for up to 1,000,000 points per calendar year, after which you may continue to redeem points at the standard rate. There is no minimum number of points needed to use Redeem for Deposits. American Express will deduct the number of points you select from your Membership Rewards Account and deposit a corresponding dollar amount into your checking account. Generally, deposits will post to your account within 48 hours of redemption. For more information, visit www.membershiprewards.com/terms.

American Express is currently accepting applications from eligible U.S. businesses. Not all applicants will be approved for a Business Checking account. Select industries or businesses engaged in certain activities are currently ineligible, such as money service businesses, cryptocurrency, internet gambling businesses, and marijuana related businesses.

2. At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit

americanexpress.com/atm-locator to find participating ATMs in the U.S.

$10 USD fee applies. Same Day ACH transactions submitted between 12 AM and 2:45 PM ET on a business day will arrive on the same day by 6 PM ET. The availability of your funds may vary depending on your payee’s financial institution. Please note that the same day ACH option is not available for recurring or international transactions.

3. Membership Rewards® points can be converted into deposits directly into your American Express® Business Checking account.

- For new members: Points you earn, including the Welcome Bonus and from making Business Debit Card purchases, can be converted into deposits made directly into your Business Checking account. Terms apply.

- For Membership Rewards-enrolled Card holders: You can choose to convert points into deposits directly into your Business Checking account or use them the same way you always have – for travel, gift cards, and more. Terms apply.

- *Participating partners and available rewards are subject to change without notice.

**Accounts offered by American Express National Bank. Member FDIC. Deposit accounts offered by American Express National Bank.